India Doubles Renewable Energy Capacity Addition, Targets 500 GW By 2030 With FDI And PLI Support: Minister Pralhad Joshi

India's renewable energy capacity addition nearly doubled to 15 GW during the April-November period of the current fiscal year, compared to the same period last year, reflecting the country's commitment to its target of 500 GW of non-fossil fuel capacity by 2030, Union Minister for New and Renewable Energy, Pralhad Joshi, said on Tuesday (17 December).

Speaking at the CII International Energy Conference and Exhibition 2024, Joshi emphasised that India's progress in the renewable energy sector is a testament to the leadership of Prime Minister Narendra Modi.

He stated, "In fact, over the past decade, under the visionary leadership of Prime Minister Narendra Modi, India has charted an extraordinary path in the renewable energy sector. Today, India is one of the world's most promising nations in the clean energy space."

The total installed capacity of non-fossil fuel-based energy in India has now reached 214 GW, reflecting a more than 14 per cent increase compared to the same month in 2023.

Joshi highlighted that the transformation of India's energy sector is rooted in the belief that a "Viksit Bharat" by 2047 is closely linked to sustainable and green growth, adding that the roadmap for this transition is ambitious but achievable.

India is firmly committed to reaching the goal of 500 GW of non-fossil fuel-based generation capacity by 2030, Joshi reiterated. He also pointed out that just in the last month alone, India added 2.3 GW of new capacity, a four-fold increase from the 566.06 MW added in November 2023.

"So yes, this transformation is not just a dream, it is happening today," he emphasised. In the past three financial years, India has attracted $6.1 billion in Foreign Direct Investment (FDI) into the renewable energy sector.

Joshi also mentioned the introduction of the Production-Linked Incentive (PLI) scheme with an outlay of Rs 24,000 crore, aimed at boosting domestic manufacturing of solar panels and modules. "We are also in the process of setting up 50 solar parks with a cumulative capacity of 38 GW by 2025-26," he added.

The government is also empowering Indian households through the PM Surya Ghar Muft Bijli Yojana, which enables households to generate their own electricity through solar rooftops. The scheme aims for 1 crore installations by 2026-27, with an outlay of Rs 75,021 crore.

On the Green Hydrogen Mission, Joshi explained that under the SIGHT Programme of the National Green Hydrogen Mission, the government is supporting two major components: Component I for Electrolyser Manufacturing with Rs 4,440 crore and Component II for Green Hydrogen production with Rs 13,050 crore.

He added that two tranches of bidding have been completed under Component I, allocating 3,000 MWPA of Electrolyser Manufacturing capacity. Under Component II, 4.12 Lakh tonnes per annum (LTPA) of green hydrogen production has been awarded to 10 companies, with a total subsidy of Rs 3,055 crore.

Currently, a 4.5 LTPA tender for green hydrogen production and a 7.39 LTPA tender for green ammonia (for fertilizers) are live. "So, I invite the industry to participate in full swing. Let me know if you need any further support, we are here for you," Joshi said.

Addressing industry suggestions on enforcing renewable purchase obligations (RPO) and adding power transmission infrastructure for renewables, Joshi noted that his ministry has prepared proposals to boost the sector for the General Budget, which will be tabled on February 1.

He invited further industry suggestions and proposals to be sent to the Ministry of Finance for consideration in the upcoming budget. On this occasion, Joshi also unveiled the second edition of the CII-EY Report on Energy Transition Investment Monitor.